Oppenheimer Asset Management Inc. Trims Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Oppenheimer Asset Management Inc. reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.4% in the 3rd quarter, Holdings Channel reports. The fund owned 947,759 shares of the network equipment provider’s stock after selling 12,982 shares during the period. Cisco Systems makes up about 0.6% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 27th biggest position. Oppenheimer Asset Management Inc.’s holdings in Cisco Systems were worth $50,440,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CSCO. Summit Securities Group LLC acquired a new position in Cisco Systems in the second quarter valued at $25,000. West Financial Advisors LLC boosted its stake in Cisco Systems by 116.6% in the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after buying an additional 309 shares during the last quarter. Quarry LP grew its holdings in Cisco Systems by 222.4% in the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock valued at $31,000 after buying an additional 456 shares during the period. Hobbs Group Advisors LLC acquired a new position in shares of Cisco Systems during the 2nd quarter valued at about $36,000. Finally, Iron Horse Wealth Management LLC lifted its holdings in shares of Cisco Systems by 617.7% during the 2nd quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after acquiring an additional 766 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Stock Performance

Shares of CSCO traded down $0.41 during midday trading on Wednesday, hitting $58.30. 2,407,538 shares of the stock traded hands, compared to its average volume of 18,883,270. The business’s 50 day moving average price is $53.64 and its two-hundred day moving average price is $49.57. The firm has a market capitalization of $232.66 billion, a PE ratio of 23.11, a price-to-earnings-growth ratio of 4.86 and a beta of 0.83. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91. Cisco Systems, Inc. has a 1-year low of $44.50 and a 1-year high of $59.38.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The firm had revenue of $13.64 billion during the quarter, compared to analysts’ expectations of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. Cisco Systems’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. Equities research analysts predict that Cisco Systems, Inc. will post 2.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CSCO. HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.00 to $58.00 in a report on Friday, August 16th. StockNews.com downgraded Cisco Systems from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft increased their target price on Cisco Systems from $52.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Tigress Financial boosted their price target on Cisco Systems from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Citigroup upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and upped their target price for the company from $52.00 to $62.00 in a research note on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cisco Systems currently has a consensus rating of “Moderate Buy” and an average target price of $57.32.

Insider Activity at Cisco Systems

In other news, EVP Thimaya K. Subaiya sold 1,328 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the transaction, the executive vice president now owns 132,910 shares of the company’s stock, valued at approximately $6,501,957.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cisco Systems news, EVP Thimaya K. Subaiya sold 1,328 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $48.92, for a total transaction of $64,965.76. Following the sale, the executive vice president now directly owns 132,910 shares in the company, valued at approximately $6,501,957.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Maria Victoria Wong sold 638 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $49.09, for a total transaction of $31,319.42. Following the completion of the transaction, the senior vice president now owns 46,017 shares of the company’s stock, valued at $2,258,974.53. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,529 shares of company stock worth $3,509,049 in the last three months. 0.01% of the stock is owned by company insiders.

Cisco Systems Profile

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.